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\multicolumn{5}{c}{Impact of treatment assignment on standardized test scores} \\ \hline
 & (1) & (2) & (3) & (4) \\
VARIABLES & std\_MTC & MTC\_1 & std\_MTC & MTC\_1 \\ \hline
 &  &  &  &  \\
treatment & 0.14** & -0.16*** & 0.12* & -0.16*** \\
 & (0.07) & (0.04) & (0.06) & (0.03) \\
treatment\_top\_500 & -0.07 & 0.11** &  &  \\
 & (0.11) & (0.05) &  &  \\
top\_500 & 0.36*** & -0.40*** &  &  \\
 & (0.12) & (0.06) &  &  \\
treatment\_high\_fees &  &  & -0.04 & 0.16*** \\
 &  &  & (0.11) & (0.06) \\
high\_fees &  &  & 0.26** & -0.40*** \\
 &  &  & (0.11) & (0.06) \\
Constant & 0.83 & 0.42 & 0.82 & 0.43 \\
 & (0.59) & (0.29) & (0.59) & (0.29) \\
 &  &  &  &  \\
Observations & 729 & 729 & 729 & 729 \\
R-squared & 0.54 & 0.30 & 0.54 & 0.31 \\
var & 0.07 & -0.05 & 0.08 & 0.00 \\
se & 0.08 & 0.04 & 0.09 & 0.05 \\
p\_value & 0.37 & 0.20 & 0.39 & 0.99 \\
qvalue interaction & 0.72 & 0.09 & 0.99 & 0.01 \\
 qvalue & 0.07 & 0.00 & 0.09 & 0.00 \\ \hline
\multicolumn{5}{c}{ Standard errors in parentheses} \\
\multicolumn{5}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
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